Depositing

Depositing customer funds refers to the process of transferring funds from the customer’s original funding source into their DriveWealth brokerage account.

Deposit Lifecycle Overview

Deposits follow a defined lifecycle that allows partners to track and receive updates on the status of each transaction. The stages in this lifecycle provide transparency and help ensure timely processing.

ACH Deposits

DriveWealth offers the option to initiate ACH pulls from any U.S. bank account using its own ACH infrastructure.

The ACH pull process begins by creating a Linked Bank Account, which securely stores the details of the customer’s external (third-party) bank account:

POST /back-office/bank-accounts

{
	"bankAccountNumber": "2329...",
	"bankRoutingNumber": "1231...",
	"userID": "abc-def-xyz",
	"bankAccountNickname": "My Checking Account",
	"bankAccountType": "CHECKING"
}

Response:
{
	...
	"id": "bank_d897...",
	...
}

The id of this Linked Bank Account can now be used to Create Deposit, which will automatically be processed:

POST /back-office/funding/deposits

{
  "accountNo": "DWBG000052",
  "amount": 250.50,
  "currency": "USD",
  "bankAccountID": "bank_d897...",
  "type": "ACH"
}

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When is Buying Power Available?

Buying power from an ACH deposit is granted only after the funds have been received and settled at DriveWealth, which typically occurs 4–5 business days after the deposit is initiated.

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Plaid Integration

DriveWealth has integrated with Plaid to enable a seamless ACH money movement experience. For more information, please refer : Using Plaid

Pushing funds to Virtual Accounts

When pushing funds to DriveWealth, a Virtual Account provides a unique account and routing number that enables efficient fund processing and tracking.

For individual deposits, each brokerage account is automatically assigned its own unique Virtual Account. These details can be retrieved using the Retrieve Virtual Bank Account by Account API.

Customers can initiate ACH or wire transfers directly from their banking application using the provided Virtual Account information.

GET /back-office/accounts/{accountID}/funding/deposit-instructions

{
  ...
  "wireDetails": {
    "bankAccountNumber": "495...",
    "bankName": "JPMorgan Chase Bank National Association",
    "bankSwiftCode": "CHASUS33",
    ...
  },
  "achDetails": { ... },
  "wireDomesticDetails": { ... },
  ...
}

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Seasoning Periods

The seasoning period is the required number of days that must elapse before deposited funds can be withdrawn. This applies to both uninvested cash and proceeds from the sale of settled securities.

By default:
ACH deposits are subject to a 30-day seasoning period.
Wire deposits are not subject to any seasoning period.

These default settings can be customized as part of your integration with DriveWealth.